Jafco Ventures Leads Investment in Gift Card Exchange;

Company on Track to Transact in More than $10 Million in Gift Card Value in 2010

SAN JOSE, Calif. — November 18, 2010 – Plastic Jungle, the web’s largest secured gift card exchange, today announced that it has closed on $10 million in Series C financing. Jafco Ventures is leading the third round of investment, along with returning investors Shasta Ventures, Redpoint Ventures, Bay Partners, and First Round Capital. Plastic Jungle will use the funding to continue its work to unlock the estimated $30 billion in unredeemed gift cards trapped in the economy for the benefit of consumers and retailers alike.

“We’ve built tremendous trust with our customers by operating the most efficient marketplace for unredeemed gift cards, and developing unparalleled payment applications allowing consumers to buy, sell, and exchange gift cards,” said CEO of Plastic Jungle Bruce Bower. “We continue to prove that the Plastic Jungle team is second to none when it comes to understanding the gift card market.”

With a team comprised of former eBay, PayPal, Google, First Data and Blackhawk executives, Plastic Jungle expects to transact more than $10 million in gift card value in 2010, making it the largest marketplace to buy, sell and donate unredeemed gift cards.

Bruce added, “While we weren’t actively seeking to raise additional capital, we seized on the opportunity to solidify our market leadership, accelerate our growth and continue innovating patent-pending solutions aimed at benefiting the aligned interests of our merchant partners and our consumers.”

Through the Plastic Jungle marketplace and its proprietary payments applications, users can sell unredeemed gift cards for up to 92% of the verified gift card balance or buy gift cards to their favorite stores at up to 30% off, allowing consumers to get extra mileage out of every purchase and become all-around savvier shoppers. Plastic Jungle also connects merchants with their best customers, moving idle gift card balances into the hands of their most motivated consumers. Plastic Jungle’s payment applications also allow consumers to convert unredeemed gift cards into purchasing power at e-commerce, social gaming, and other online merchants.

In conjunction with the new funding, Jeb Miller, General Partner of Jafco Ventures, will join the Plastic Jungle Board of Directors.

“Plastic Jungle is doing incredible things to revolutionize the gift card and alternative payments industries, and we look forward to applying the full resources of the Jafco platform to help the company further accelerate its growth,” said Jeb Miller. “They have already established themselves as the clear winner in this emerging space, continuing to develop new and innovative gift card applications, and we believe the combination of their vision and expertise will define the field far into the future.”

“This Series C financing marks another step in Plastic Jungle’s significant growth and our efforts to bring liquidity to the unredeemed gift card economy,” said Tod Francis, Managing Director of Shasta Ventures. “Not only has Plastic Jungle delivered on the vision they laid out when we first invested in the company, but they’re constantly innovating solutions to create a gift card marketplace with vastly greater flexibility and efficiency. We’re very much looking forward to working with Jeb and Jafco to help Plastic Jungle reach the next level.”

Read the press release on Marketwire:  Plastic Jungle Closes on $10 Million in Financing to Accelerate Growth

About Plastic Jungle

Plastic Jungle (www.plasticjungle.com) is the web’s largest secured gift card exchange, giving consumers the choice and flexibility to convert their gift cards into other forms of spending power — including cash, online balances to use for purchases at the millions of merchants that accept PayPal, Facebook Credits, and more — and to stretch their shopping dollars at their favorite merchants.  Plastic Jungle’s patent-pending marketplace and payment applications aim to safely unlock the estimated $30 billion in unredeemed gift cards trapped in the economy for the benefit of consumers and merchants alike. Based in San Jose, California, the company is privately held, with venture backing from Shasta Ventures, Redpoint Ventures, Jafco Ventures, First Round Capital, Bay Partners, Harrison Metal and Western Technology Investment.

SAN JOSE, Calif. – September 9, 2010 – Plastic Jungle, the Web’s leading gift card exchange, announced today that Bruce Bower will become the company’s new Chief Executive Officer, following the tenure of Gary Briggs who will transition to Chairman of the Board of Directors, effective October 1.

“Bruce, who has served as president since April 2009, will continue to move Plastic Jungle forward along the exciting trajectory Gary set,” said Tod Francis, Managing Director of Plastic Jungle investor Shasta Ventures, and a member of the Plastic Jungle board. “It’s great that Bruce and Gary will continue to build the company together. Bruce brings many years of experience in the gift card space and Gary was senior at eBay and PayPal. This is an excellent combination to take Plastic Jungle forward.”

In his more than 20 years of management experience, Bruce has led early and mid stage technology enterprises and has been actively involved in the payments, media, education, and alternate energy markets. Prior to Plastic Jungle, Bruce served as Senior Vice President at Blackhawk Network, the largest third-party distributor of gift cards in the world.

“Bruce is very experienced in this sector and will be a tremendous asset to the business as CEO,” said Gary. “In many ways, his vision and prescience have made Plastic Jungle what it is today. We are well funded, we have a winning strategy and a topnotch team, and we are growing rapidly.”

He added, “In returning to the Board, where I started my Plastic Jungle career, I’ll be closely involved with our continued expansion as I pursue my longtime passion in marketing.”

Gary joined the Board of Plastic Jungle in May 2008 and was appointed CEO in November 2008. He came to Plastic Jungle after a successful career at eBay, where he was Senior Vice President and Chief Marketing Officer. He will succeed Lou Ryan, CEO of St. Bernard Software, as Chairman of the Board.  Lou will remain on the Plastic Jungle Board.

“Our business is very strong, which is a great time for this transition,” said Bruce. “Gary has played a central role in growing Plastic Jungle into the leading gift card exchange, and I look forward to continuing our work together. The next year will be an exciting one for Plastic Jungle. Stay tuned.”

About Plastic Jungle

Plastic Jungle (www.plasticjungle.com) is the Web’s leading gift card exchange, offering the best way to sell, buy or donate gift cards in a trusted environment. Consumers can save money at their favorite stores with discounted gift cards up to 30% off, and Plastic Jungle buys unwanted gift cards for up to 92% of the unused balance. The company’s mission is to bring liquidity to the estimated $30 billion unredeemed gift card economy for the benefit of consumers, retailers, and other ecommerce companies. Based in San Jose, California, Plastic Jungle is privately held, with venture backing from Shasta Ventures, Redpoint Ventures, First Round Capital, Bay Partners, Harrison Metal, and Western Technology Investment.

Contact:

Lana Gersten | 212-784-5714 | lgersten@groupgordon.com

A very exciting day for our young company.  We closed our second round of financing, raising $7.4 million in a B round.  The whole “A round, B round” lingo is more of a start-up way of saying that you are graduating through grade school on your way to higher education.

In that vein, we’ve learned a lot about how to grow our marketplace over the past year.  Even more, we have started to work on our next series of products that we think will excite retailers and consumers alike as we tap into the estimated $30 Billion in unspent gift cards.  We think we can make this market much more efficient by getting this trapped money on a mag stripe moving back into the economy.

So, first, a welcome aboard to Redpoint Ventures, who led this round of investment.  And a thanks to Shasta Ventures, First Round Ventures, Bay Partners, Harrison Metal and a set of angel investors who got us to this point.  Even more, thanks to our consumers and to the retailers who have been encouraging, guiding and supporting us.  We’re excited for what’s next.